Mashreq Al Islami launches personal finance for retail customers

DUBAI — Mashreq Al Islami, the Islamic banking division of Mashreq announced on Sunday the launch of its new specialist ‘Islamic Personal Finance’ products which are tailored to suit the financial needs of customers looking for Shariah compliant personal finance.

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Published: Mon 22 Nov 2010, 11:09 PM

Last updated: Mon 6 Apr 2015, 11:32 AM

The new products are available under three Islamic concepts; Goods Murabaha, Service Ijarah (Manfa’) and Tawarruq, and are available to all customers across the UAE.

These products cater to the needs and those customers seeking Sharia’h Complaint banking personal finance and are available to both UAE Nationals and Expatriates.

“In line with other products and services offered by Mashreq Al Islami, our new Islamic Personal Finance packages are both convenient and affordable”, said Douglas Beckett Head of Retail Banking Group at Mashreq.

“By offering three different Islamic options at competitive rates, customers can choose the product which best fits their need. It’s another example of how Mashreq Al Islami is developing and launching convenient financial solutions to match customer requirements, Beckett added.

“Islamic banking is becoming increasingly preferred as an alternative to mainstream banking for all banking & finance segments. At Mashreq Al Islami we continuously look forward to offering unique Shari’ah compliant products and services to meet growing demands of islamic customers” said Moinuddin Malim, CEO of Mashreq Al Islami.

Through Murabaha, customers will be able to buy personal products such as furniture or a car. On the other hand, Service Ijarah (Manfa’) will provide funds to customers who are looking to finance services such as a holiday or education, while Tawarruq is a cash lending facility for those looking for Sharia’h compliant personal finance.

These products come with flexible repayment plans, simple documentation, easyprocesses, and competitive profit rates.

In line with Mashreq’s vision to provide convenience to its customers, Mashreq Al Islami’s line of products offers true value to its Islamic banking customers.

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